Financial Flash│By Lee, Chen-Lin （ Daniel Lee ）李振麟
The AI boom has driven a rapid surge in thermal solution demand, pushing leading thermal module manufacturer Chicony Electronics (3017) to full capacity. Order visibility now extends to 2028, and the company is accelerating its Vietnam plant expansion to meet rising demand. Business momentum is expected to strengthen in both the fourth quarter and 2025.
奇鋐受AI水冷散熱需求推升，產能全面滿載，並加速越南新廠擴建。法人預估第四季營收可望季增兩成，明年在GPU伺服器、水冷模組與ASIC整機櫃帶動下，營收與毛利率皆將持續走升。
Chicony’s latest financial report shows exceptional performance. After-tax profit for the first three quarters reached NT$12.55 billion, up 115% year-on-year, with EPS at NT$32.25. Third-quarter after-tax profit came in at NT$5.339 billion, growing 33.6% quarter-on-quarter and 1.3 times year-on-year, with EPS of NT$13.67, marking another historical high.
Despite strong fundamentals, the recent pullback in U.S. tech stocks pressured Chicony’s share price, which slid from a high of NT$1,585 to NT$1,400, an 11.67% correction, testing key technical levels.
The AI server market is rapidly transitioning into water-cooling architecture, fueling explosive demand for Chicony’s water-cooling modules. With major U.S. cloud service providers expanding capital spending and Taiwanese AI system makers seeing strong order flows, Chicony acknowledged during its investor meeting that current production capacity cannot keep up with orders.
Analysts expect Q4 revenue to grow around 20%, driven by shipments of NVIDIA’s GB300. For NVIDIA’s next-generation Rubin platform, Chicony will supply cold plate modules, further boosting long-term growth prospects.
The company is also a key supplier of ASIC server cabinets and water-cooling components to U.S. CSPs. Revenue structure is divided into 70% from GPU servers and water-cooling components and 30% from ASIC systems. Both segments are projected to grow steadily next year.
Chicony’s new Vietnam facility will begin phased production in mid-2025, significantly expanding its capacity. Analysts forecast more than 20% revenue growth in 2025, with gross margins continuing to improve due to an optimized product mix.
With rising demand for AI servers, water-cooling solutions, and next-generation ASIC systems, Chicony is expected to maintain strong growth over the next three to four years, securing its position as a major